Shake Shack price target lowered to $105 from $137 at Morgan Stanley

Morgan Stanley analyst Brian Harbour lowered the firm’s price target on Shake Shack (SHAK) to $105 from $137 and keeps an Equal Weight rating on the shares. Ahead of Q1 earnings season, the quarter itself is “mostly beside the point,” says the analyst, who has cut the firm’s U.S. industry demand forecast to 4.1% year-over-year growth from a 4.8% prior forecast presented in January. This base case stands after the announcing of the tariff “pause,” the analyst added in a restaurants and food distributors group note.